(To read more on the industrial market, click here.)

ZILWAUKEE, MI-Madison Group, LLC, a developer based in Ann Arbor, has purchased a 38,000-sf light industrial building in Saginaw County for $2.5 million, which was the original asking price.

The property was developed in 2003 as a build-to-suit for the tenant, a national lumber company, which still has eight years remaining on a triple-net lease, with options. Sources note that at the finish of second quarter rental rates for industrial property in the Detroit area was an average of $4.16 per sf. Absorption in the light-industrial property area still remains low, but this is anticipated to pick up later in the year.

Meanwhile, "the tenant is still leasing the property and is still following the original 10-year lease with options that was signed when the property was first built," says Marty Seltzer, a partner with Birmingham, MI-based CORE Real Estate Services, which brokered the entire action for the buyer and seller. He tells GlobeSt.com that the property sold quickly, within 30 days of listing.